NOBLE SQUARE — In a new twist on the transit-oriented apartment boom, a developer is requesting an "up-zone" to build 33 condos targeted to buyers looking to establish roots near the CTA Division Blue Line "L" station.
"I think we are going to get attention of a certain buyer who wants a more affordable price point, a more reasonably sized condominium," said Staci Slattery, a partner at North Clybourn Group, who will be listing the new one- and two-bedroom condos if Ukrainian Village-based developer Gary Mikhaylov's zoning request gains approval from the community and Ald. Brian Hopkins (2nd).
Mikhaylov, owner of GNP Development, bought the former Ace Hardware last December for $1.75 million and is seeking a zoning change to allow for the construction of a four-story, 33-unit condo building with two retail storefronts at 1011 N. Ashland Ave.
Designed by architect John Hanna, the masonry building will have a glass and paneled exterior and two retail storefronts on the ground floor, totaling about 3,500 square feet.
The condos will be a mix of one- and two-bedroom units, offering between 850 and 1,150 square feet. The one-bedrooms will also have a den area.
Mikhaylov and business partner Ross Babel plan to present their project at 6:30 p.m. Monday to members of the East Village Association's board of directors at West Town Bakery, 1916 W. Chicago Ave.
Under the newly amended Transit-Oriented Development Ordinance, a developer can offer less than the required 1-to-1 ratio of units to parking spots if the homes are within 1,320 feet or a quarter-mile from a hard rail station.
In this case, the 33 units will offer 17 dedicated parking spots.
Mikhaylov initially planned to build a four-story, 14-unit condo building offering three-bedroom units. That was scheduled to have started construction this past spring. However, changes to the Transit-Oriented Development Ordinance, which increased the allowed distance from a Metra or rail stop from 600 feet to 1,320 feet, prompted a change of plans, members of the East Village Association speculated on the group's blog.
Babel said they nixed the 14 three-bedroom homes in favor of the 33 smaller condos because they anticipated more demand for smaller, more affordable condos from young professionals who don't own cars and want to live near the "L."
"We decided that the units were getting too big. These homes will be more affordable, in the mid-$300,000 range, versus the 3-bedrooms which would have been around $500,000," Babel said.
Provided a zoning change is granted, Babel said construction would begin next summer and the homes would be ready in the spring or summer of 2017.
Elsewhere in the neighborhood, GNP Development, in partnership with Indigo homes, has also developed three new condos at 2015 W. Armitage Ave. in Bucktown and seven duplexes in Logan Square at 2500 N. Linden Ave.
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